Oracle shares are down more than 59% from their record high, even as demand for the company’s cloud infrastructure remains strong. The company plans to raise $40 billion and projects total revenue growth of about 34% in fiscal 2027, accelerating from 17% in fiscal 2026. A record $638 billion in remaining performance obligations offers unusually high revenue visibility. Oracle also recently signed $67 billion of AI infrastructure contracts, with prepayments and customer-supplied hardware lifting the combined value of those agreements to $75 billion.

The Bank for International Settlements (BIS) has published a working proof of concept for anchoring official economic data used by the BIS, the International Monetary Fund (IMF) and the European Central Bank (ECB) on the XRP Ledger. The proof of concept demonstrates the feasibility of using distributed ledger technology to handle key economic information. It also notes that future multi-chain extensions could involve Ethereum, Chainlink and Wormhole. The move marks an exploratory use of XRP Ledger infrastructure by major international financial institutions.

Uber said it will lay off about 3,300 employees, roughly 10% of its workforce, marking its largest round of cuts since 2020 to simplify management. The company said it is eliminating coordination-focused roles and cutting by 50% the number of teams made up of just one to two employees. It is also asking most remote workers to return to the office, and the stock rose more than 2% intraday after the announcement.

A U.S. federal judge on Wednesday ordered Google to overhaul the system behind its digital advertising business, but rejected the government’s bid to force a breakup. The antitrust case began in 2023, and the court had previously found Google illegally monopolized the market. The ad exchange technology at issue processes 55 million requests per second and underpins a significant share of Alphabet’s nearly $400 billion in annual advertising revenue.

ICE New York and London cocoa futures extended their sharp declines on Wednesday, with both contracts falling more than 4.5% for a second straight session. Ivory Coast port arrivals in the current marketing year rose 19% year on year to 2.14 million tonnes, and output from June 2025 to June 2026 climbed 30% to 2.06 million tonnes. Nigeria’s July cocoa bean exports increased 18% from a year earlier to 16,052 tonnes. The stronger supply backdrop has added pressure on prices.

OpenAI’s net loss in 2025 rose nearly eightfold to around $39bn, and it was losing roughly $1.84 for every dollar of revenue. It has also signed a $300bn, five-year computing contract with Oracle, while Oracle’s backlog of about $638bn is reported to be roughly half tied to OpenAI. The scale of the commitments has sparked market concerns about financial risk exposure on both sides.

Ryanair said a spike in jet fuel prices driven by the Iran war has led it to cut its winter passenger target for this year to 214m from 216m. The airline said the 20% of its fuel that was not hedged more than doubled to $150 per barrel, pushing operating costs up 11% to €3.8bn in the three months to June. Pretax profit fell 36% to €593m. Ryanair warned that if oil prices stay elevated, weaker European airlines could be forced to shrink or go out of business.

Uber said it will cut roughly 3,300 jobs, about 10% of its workforce, as it moves to streamline operations. The company plans to remove management layers and reduce the number of small “microteams.” It is also asking most remote employees to return to an office, and expects only about 1% of roles to remain remote going forward.